Atlantica Reports First Quarter 2019 Financial Results
- Net loss for the quarter attributable to the Company was $9.0
million, compared with a net loss of $4.8 million in the first
quarter of 2018.
- Revenues reached $221.5 million, representing a 4.1%
year-over-year increase on a constant currency basis.
- Further Adjusted EBITDA including unconsolidated affiliates1
increased by 6.7% year-over-year on a constant currency basis to
$181.1 million in the first quarter of 2019.
- Cash available for distribution (“CAFD”) increased 4.9% to
$45.1 million in the first quarter of 2019, on track to meet annual
guidance.
- Quarterly dividend of $0.39 per share declared by the Board of
Directors, representing a 22% increase compared with the same
quarter of 2018.
- Levers to maintain 2019 CAFD guidance even if Mojave’s
distribution was delayed.
- Acquisition of a 30% stake in a 142 MW gas-fired engine
facility with electric battery storage in operation at attractive
returns.
- Enhanced collaboration agreement with Algonquin with goal of
accelerating growth in the U.S.
May 10, 2019 – Atlantica Yield plc (NASDAQ: AY)
(“Atlantica”), the sustainable total return infrastructure company
that owns a diversified portfolio of contracted assets in the
energy and environment sectors, today reported its financial
results for the first quarter ended March 31, 2019.
Revenue for the first quarter of 2019 was $221.5
million, representing a 1.7% decrease compared with the first
quarter of 2018. On a constant currency basis, revenue for the
first quarter of 2019 increased 4.1% compared to the first quarter
of 2018. Further Adjusted EBITDA including unconsolidated
affiliates1 was $181.1 million for the first quarter of 2019,
representing a 0.7% increase year-over-year. On a constant currency
basis, Further Adjusted EBITDA including unconsolidated affiliates2
for the first quarter of 2019 increased 6.7% compared to the first
quarter of 2018.
Net cash provided by operating activities
reached $96.9 million in the first quarter of 2019. CAFD generation
in 2019 was $45.1 million, a 4.9% increase compared with $43.0
million achieved in the first quarter of 2018.
Highlights
|
Three-month
period ended March 31, |
|
(in thousands of U.S. dollars) |
2019 |
|
2018 |
Revenue |
$
221,452 |
|
$ 225,265 |
Profit / (loss) for the period attributable to the
Company |
(8,957) |
|
(4,764) |
Further Adjusted EBITDA incl. unconsolidated
affiliates2 |
181,106 |
|
179,800 |
Net cash provided by operating activities |
96,889 |
|
130,535 |
CAFD |
45,119 |
|
43,031 |
Key Performance Indicators
|
Three-month
period ended March 31, |
|
2019 |
|
2018 |
Renewable energy |
|
|
|
MW in operation3 |
1,496 |
|
1,446 |
GWh produced4 |
581 |
|
507 |
Efficient natural gas |
|
|
|
MW in operation |
300 |
|
300 |
GWh produced5 |
383 |
|
547 |
Electric Availability (%)5 |
87.1% |
|
97.9% |
Electric transmission lines |
|
|
|
Miles in operation |
1,152 |
|
1,099 |
Availability (%)6 |
99.9% |
|
100.0% |
Water |
|
|
|
Mft3 in operation3 |
10.5 |
|
10.5 |
Availability (%)6 |
99.8% |
|
99.1% |
Segment Results
(in
thousands of U.S. dollars) |
Three-month period ended March 31, |
|
2019 |
|
|
2018 |
|
|
Revenue by
geography |
|
|
|
|
North America |
$
60,441 |
|
$
61,781 |
|
South America |
33,493 |
|
29,536 |
|
EMEA |
127,518 |
|
133,948 |
|
Total
revenue |
$ 221,452 |
|
$ 225,265 |
|
|
|
|
Further Adjusted EBITDA incl. unconsolidated
affiliates by geography |
|
|
|
|
North America |
$
50,870 |
|
$ 60,247 |
|
South America |
28,212 |
|
24,180 |
|
EMEA |
102,024 |
|
95,373 |
|
Total Further Adjusted EBITDA incl.
unconsolidated affiliates |
$ 181,106 |
|
$ 179,800 |
|
|
|
|
|
|
(in
thousands of U.S. dollars) |
Three-month period ended March
31, |
|
2019 |
|
2018 |
Revenue by business sector |
|
|
|
Renewable energy |
$
156,817 |
|
$
167,225 |
Efficient natural gas |
34,009 |
|
28,387 |
Electric transmission lines |
24,867 |
|
23,840 |
Water |
5,759 |
|
5,813 |
Total revenue |
$ 221,452 |
|
$ 225,265 |
|
|
|
|
Further Adjusted EBITDA incl. unconsolidated
affiliates by business sector |
|
|
|
Renewable energy |
$
123,484 |
|
$
131,435 |
Efficient natural gas |
30,476 |
|
23,330 |
Electric transmission lines |
21,650 |
|
19,836 |
Water |
5,496 |
|
5,199 |
Total Further Adjusted EBITDA incl.
unconsolidated affiliates |
$ 181,106 |
|
$ 179,800 |
During the first quarter of 2019, our renewable
assets have continued to generate solid operating results:
- Production in the U.S. solar portfolio in the first quarter of
2019 was lower than in the same period of 2018, mostly due to lower
solar radiation and scheduled maintenance stops that took longer
than expected. However, solar radiation has improved since the end
of March and production from the U.S. solar assets is in line with
expectations for the first four months of 2019.
- Production in Spain increased significantly year-over-year due
to higher solar radiation and strong operating performance.
- Kaxu (South Africa) had a strong operating performance,
reaching a significant increase in production with a capacity
factor of 48.7% (compared with 36.9% in the first quarter of
2018).
- Finally, production of the wind assets was significantly higher
year-over year as a result of the contribution of the newly
acquired Melowind asset, with no contribution in the first quarter
of 2018.
Regarding Atlantica’s assets for which revenue
is based on availability, they continue to deliver solid
performance in transmission lines and in water assets. In ACT, the
efficient natural gas-fired power generation plant, a scheduled
major overhaul in one of the turbines was performed in the first
quarter of 2019 and is expected to continue in the other turbine
during the second quarter of 2019. This explains lower availability
and production levels compared with the first quarter of 2018.
Since the major overhaul was scheduled, it did not have any impact
on revenues.
The solid operating performance of Atlantica in
the first quarter of 2019 demonstrates the advantage of having a
diversified portfolio where a significant percentage of our revenue
is based on availability and not only on generation.
Liquidity and Debt
As of March 31, 2019, cash at the Atlantica
corporate level was $107.9 million. Additionally, as of March 31,
2019, the Company had approximately $175 million available under
its Revolving Credit Facility and, therefore, a total corporate
liquidity of $282.9 million. As of December 31, 2018, cash at the
Atlantica corporate level was $106.7 million and availability under
its Revolving Credit Facility was $105.0 million.
As of March 31, 2019, net project debt was
$4,529.6 million, compared with the $4,566.3 million as of December
31, 2018, while net corporate debt was $589.7 million ($577.4
million as of December 31, 2018). The net corporate debt / CAFD
pre-corporate debt service ratio7 was 2.5x as of March 31,
2019.
Net project debt is calculated as long-term
project debt plus short-term project debt minus cash and cash
equivalents at the consolidated project level. Net corporate debt
is calculated as long-term corporate debt plus short-term corporate
debt minus cash and cash equivalents at Atlantica corporate
level.
CAFD pre-corporate debt service is calculated as
CAFD plus interest paid by Atlantica.
Dividend
On May 7, 2019, the Board of Directors of
Atlantica approved a dividend of $0.39 per share which represents a
22% increase with respect to the first quarter of 2018 and 5%
compared with the fourth quarter of 2018. This dividend is
expected to be paid on June 14, 2019 to shareholders of record as
of June 3, 2019.
Delivering on Accretive Growth
Strategy
New Asset Acquisition:
Monterrey
Atlantica announced that it has signed an
agreement to acquire a 30% stake in “Monterrey”, a 142 MW gas-fired
engine facility in operation in Mexico, which includes 12 MW of
electric battery storage. The investment totals approximately $42
million in equity value, at an estimated EV/EBITDA multiple of 9.2x
and an attractive CAFD yield that allows for significant
accretion.
Monterrey has been in operation since 2018 and
represents the first investment in electric batteries for the
Company. It has a U.S. dollar-denominated 20-year PPA with two
large, international corporations as well as a 20-year contract for
natural gas transportation with a U.S. energy company, which will
provide the gas from Texas. The PPA also includes price escalation
factors. The asset has no commodity risk, and it also has the
possibility to sell excess energy to the North-East region of the
country. Closing is subject to conditions precedent.
Atlantica also entered into a ROFO agreement
with the seller for the remaining 70% stake in the asset.
Enhanced Strategic Partnership with
Algonquin
On May 9, 2019 we signed a new enhanced
collaboration agreement with Algonquin that should allow Atlantica
to accelerate its growth in the US. The main terms are as
follows:
- Atlantica has a right to acquire stakes or make investments in
two Algonquin assets in the US for a total equity value up to $100
million.
- Both companies have agreed to analyze jointly during the next
six months Algonquin’s contracted assets portfolio in the US and
Canada, with the final objective to identify assets where a
drop-down could add value for both parties, according to each
company’s key metrics.
- The existing Shareholders Agreement has been modified to allow
Algonquin to increase its shareholding in Atlantica up to 48.5%
without any change in corporate governance. Algonquin’s voting
rights and rights to appoint directors are limited to 41.5% and the
additional 7% will vote consistent with non-Algonquin shareholders
vote. Part of this investment in Atlantica’s shares will be done by
Algonquin subscribing for $30 million in new shares to be issued by
Atlantica at a price of $21.67 per share, a 6% premium with respect
to yesterday’s closing price.
New Transmission Line U.S. Dollars in
Uruguay with AAGES
On May 7, 2019, a proposal led by AAGES achieved
the first position in a bidding process for a new transmission line
in Uruguay. The project includes two transmission lines of
approximately 50 miles and a substation, which will be contracted
under 30 and 20-year agreements, in U.S. dollars with UTE, the
current offtaker in the three plants we own in Uruguay. Atlantica
expects to own a 25% of the project and has a ROFO right over the
rest of the investment.
Strategic and Financing
Update
Atlantica continues to be a strong value
creation proposition focused on sustainable infrastructure. The
Company has updated on the progress achieved in several strategic
initiatives within its existing portfolio aimed at a financial
optimization and unlocking value creation to shareholders:
- Corporate debt refinancing with improved terms and
flexibility.
On
April 30, 2019, Atlantica entered into a senior unsecured note
facility with a group of funds managed by Westbourne Capital as
purchasers of the notes to be issued thereunder for a total amount
of the euro equivalent of $300 million. The notes are expected to
mature on April 30, 2025. The proceeds are expected to be used to
redeem in full Atlantica's existing 7.0% senior notes maturing on
November 15, 2019 and for other general corporate purposes.
Atlantica intends to fully hedge the notes with an interest rate
swap of no less than 3 years, resulting in an expected interest
rate of approximately 4.5%.
Several improvements are expected with this new financing,
including:
- An approximate $4 million cost8 improvement per annum expected
from 2020;
- An option to capitalize up to 2 years of interest payments
(equal to approximately $14 million per year), which would
partially offset CAFD impact if Mojave’s distribution was
delayed;
- A longer tenor as compared to the existing financing; and
- A natural hedge for CAFD generated in euro.
2. Initiatives to achieve 2019 and 2020 CAFD
goals despite PG&E exposure:
- Established an option to capitalize ~$14 million per year of
interest payment for up to 2 years under the new note issuance
facility that was signed to refinance the 2019 Notes.
- Expected to release certain project restricted cash in 2019 and
2020 that will compensate potential delays in Mojave, if any.
In addition,
Atlantica has indicated that PG&E, the off-taker for Atlantica
Yield with respect to the Mojave asset, has continued paying
invoices according to contract and the plant is operating
normally.
- Ongoing analysis of several strategic alternatives by
the Strategic Review Committee.
- Strong commitment to Environmental, Social and Governance
(“ESG”) initiatives and sustainability across Atlantica’s sectors,
and active management of the environmental and social impacts of
its activity.
Atlantica was rated by Sustainalytics
in December 2018 on its Environmental, Social and Governance
factors as the top company within renewables, second within the
broader utilities sector and in the top 3% in the global universe
ratings.
Sustainalytics is a
leading provider of sustainability assessments globally and rates
more than 10,000 companies. According to Sustainalytics’ ESG Risk
Rating assessment, Atlantica is at low risk of experiencing
material financial impacts from ESG factors due to its medium
exposure and strong management of material ESG issues. Atlantica
has been at the core of the renewable energy footprint in energy
generation and intends to contribute to the global economy and its
sustainability.
Details of the Results Presentation
Conference
Atlantica’s CEO, Santiago Seage and CFO,
Francisco Martinez-Davis, will hold a conference call and a webcast
on Friday May 10, 2019, at 8:30 am (New York time).
In order to access the conference call
participants should dial: +1 631-510-7495 (US), +44 (0) 844 571
8892 (UK) or +1 866 992 6802 (Canada), followed by the confirmation
code 4467989 for all phone numbers. A live webcast of the
conference call will be available on Atlantica’s website. Please
visit the website at least 15 minutes earlier in order to register
for the live webcast and download any necessary audio software.
Additionally, the senior management team will be
meeting with investors in New York, Boston and Las Vegas, on May 14
and 15, 2019, as part of Atlantica’s participation in three
investor conferences.
Forward-Looking Statements
This press release contains forward-looking
statements. These forward-looking statements include, but are not
limited to, all statements other than statements of historical
facts contained in this presentation, including, without
limitation, those regarding our future financial position and
results of operations, our strategy, plans, objectives, goals and
targets, future developments in the markets in which we operate or
are seeking to operate or anticipated regulatory changes in the
markets in which we operate or intend to operate. In some cases,
you can identify forward-looking statements by terminology such as
"aim," "anticipate," "believe," "continue," "could," "estimate,"
"expect," "forecast," "guidance," "intend," "is likely to," "may,"
"plan," "potential," "predict," "projected," "should" or "will" or
the negative of such terms or other similar expressions or
terminology.
By their nature, forward-looking statements
involve risks and uncertainties because they relate to events and
depend on circumstances that may or may not occur in the future.
Forward-looking statements speak only as of the date of this
presentation and are not guarantees of future performance and are
based on numerous assumptions. Our actual results of operations,
financial condition and the development of events may differ
materially from (and be more negative than) those made in, or
suggested by, the forward-looking statements. Except as required by
law, we do not undertake any obligation to update any
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of anticipated or
unanticipated events or circumstances.
Investors should read the section entitled "Item
3D. Key Information—Risk Factors" and the description of our
segments and business sectors in the section entitled "Item 4B.
Information on the Company—Business Overview", each in our annual
report for the fiscal year ended December 31, 2018 filed on Form
20-F, for a more complete discussion of the risks and factors that
could affect us.
Forward-looking statements include, but are not
limited to, statements relating to: maximizing shareholder value
and company profits and growth; our ability to close announced
asset acquisitions;; projected overhaul of assets; asset revenue
earning potential; avoiding financial risk caused by our off-take
PG&E and potential default under our project finance agreement
due to a breach under our underlying PPA agreement with PG&E;
strategies to offset any potential financial harm from PG&E's
default, such as releasing project restricted accounts and
capitalizing interest payments; risks associated with acquisitions
and investments; our ability to grow through acquisitions from
AAGES, Algonquin, other partners, or third parties, including our
ability to acquire assets from Algonquin under our enhanced
collaboration agreement with Algonquin; expected dividend payments
to shareholders; long-term and short-term project debt; potential
for the company to swap interest rates under new financing
agreements; expected issuance of notes and note maturity dates;
intentions to contribute to global sustainability objectives;
meetings and announced actions of the board of directors and senior
management team; the use of non-GAAP measures as a useful
predicting tool for investors; growth in the United States; the
comparative usefulness of financial measurements in the industry
and various other factors, including those factors discussed under
“Item 3.D—Risk Factors” and “Item 5.A—Operating Results” in our
annual report for the fiscal year ended December 31, 2018 filed on
Form 20-F.
Furthermore, any dividends are subject to
available capital, market conditions, and compliance with
associated laws and regulations. These factors should be considered
in connection with information regarding risks and uncertainties
that may affect our future results included in our filings with the
U.S. Securities and Exchange Commission at www.sec.gov. We
undertake no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or developments or otherwise. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those described
herein as anticipated, believed, estimated, expected or
targeted.
The CAFD and other guidance included in this
presentation are estimates as of February 28, 2019. These estimates
are based on assumptions believed to be reasonable as of the date
Atlantica Yield published its FY 2018 Financial Results. Atlantica
Yield disclaims any current intention to update such guidance,
except as required by law.
Non-GAAP
Financial Measures
This press release also includes certain
non-GAAP financial measures, including Further Adjusted EBITDA
including unconsolidated affiliates, Further Adjusted EBITDA
including unconsolidated affiliates as a percentage of revenues
(margin) and CAFD. Non-GAAP financial measures are not measurements
of our performance or liquidity under IFRS as issued by IASB and
should not be considered alternatives to operating profit or profit
for the period or any other performance measures derived in
accordance with IFRS as issued by the IASB or any other generally
accepted accounting principles or as alternatives to cash flow from
operating, investing or financing activities. Please refer to the
appendix of this presentation for a reconciliation of the non-GAAP
financial measures included in this press release to the most
directly comparable financial measures prepared in accordance with
IFRS as well as the reasons why management believes the use of
non-GAAP financial measures in this presentation provides useful
information.
We present non-GAAP financial measures because
we believe that they and other similar measures are widely used by
certain investors, securities analysts and other interested parties
as supplemental measures of performance and liquidity. The non-GAAP
financial measures may not be comparable to other similarly titled
measures of other companies and have limitations as analytical
tools and should not be considered in isolation or as a substitute
for analysis of our operating results as reported under IFRS as
issued by the IASB. Non-GAAP financial measures and ratios are not
measurements of our performance or liquidity under IFRS as issued
by the IASB and should not be considered as alternatives to
operating profit or profit for the period or any other performance
measures derived in accordance with IFRS as issued by the IASB or
any other generally accepted accounting principles or as
alternatives to cash flow from operating, investing or financing
activities. Some of the limitations of these non-GAAP measures
are:
- they do not reflect our cash expenditures or future
requirements for capital expenditures or contractual
commitments;
- they do not reflect changes in, or cash requirements for, our
working capital needs;
- they may not reflect the significant interest expense, or the
cash requirements necessary, to service interest or principal
payments, on our debts;
- although depreciation and amortization are non-cash charges,
the assets being depreciated and amortized will often need to be
replaced in the future and Further Adjusted EBITDA and CAFD do not
reflect any cash requirements that would be required for such
replacements;
- some of the exceptional items that we eliminate in calculating
Further Adjusted EBITDA reflect cash payments that were made, or
will be made in the future; and
- the fact that other companies in our industry may calculate
Further Adjusted EBITDA and CAFD differently than we do, which
limits their usefulness as comparative measures.
We define Further Adjusted EBITDA including
unconsolidated affiliates as profit/(loss) for the period
attributable to the Company, after adding back loss/(profit)
attributable to non-controlling interest from continued operations,
income tax, share of profit/(loss) of associates carried under the
equity method, finance expense net, depreciation, amortization and
impairment charges. CAFD is calculated as cash distributions
received by the Company from its subsidiaries minus all cash
expenses of the Company, including debt service and general and
administrative expenses.
Our management believes Further Adjusted EBITDA
including unconsolidated affiliates and CAFD is useful to investors
and other users of our financial statements in evaluating our
operating performance because it provides them with an additional
tool to compare business performance across companies and across
periods. Further Adjusted EBITDA is widely used by investors to
measure a company’s operating performance without regard to items
such as interest expense, taxes, depreciation and amortization,
which can vary substantially from company to company depending upon
accounting methods and book value of assets, capital structure and
the method by which assets were acquired. Our management believes
CAFD is a relevant supplemental measure of the Company’s ability to
earn and distribute cash returns to investors and that CAFD is
useful to investors in evaluating our operating performance because
securities analysts and other interested parties use such
calculations as a measure of our ability to make quarterly
distributions. In addition, CAFD is used by our management team for
determining future acquisitions and managing our growth. Further
Adjusted EBITDA and CAFD are widely used by other companies in the
same industry. Our management uses Further Adjusted EBITDA and CAFD
as measures of operating performance to assist in comparing
performance from period to period on a consistent basis and to
readily view operating trends, as a measure for planning and
forecasting overall expectations and for evaluating actual results
against such expectations, and in communications with our board of
directors, shareholders, creditors, analysts and investors
concerning our financial performance.
In our discussion of operating results, we have
included foreign exchange impacts in our revenue and Further
Adjusted EBITDA including unconsolidated affiliates by providing
constant currency growth. The constant currency presentation is not
a measure recognized under IFRS and excludes the impact of
fluctuations in foreign currency exchange rates. We believe
providing constant currency information provides valuable
supplemental information regarding our results of operations. We
calculate constant currency amounts by converting our current
period local currency revenue and Further Adjusted EBITDA using the
prior period foreign currency average exchange rates and comparing
these adjusted amounts to our prior period reported results. This
calculation may differ from similarly titled measures used by
others and, accordingly, the constant currency presentation is not
meant to substitute for recorded amounts presented in conformity
with IFRS as issued by the IASB nor should such amounts be
considered in isolation.
Consolidated
Statements of Operations
(Amounts in thousands of U.S. dollars)
|
For the
three-month period ended March 31, |
|
|
|
2019 |
|
2018 |
|
Revenue |
$ 221,452 |
|
$
225,265 |
|
Other operating income |
26,439 |
|
28,414 |
|
Raw materials and consumables used |
(2,913) |
|
(4,420) |
|
Employee benefit expenses |
(5,316) |
|
(5,097) |
|
Depreciation, amortization, and
impairment charges |
(75,736) |
|
(74,624) |
|
Other operating expenses |
(60,573) |
|
(66,194) |
|
Operating profit |
$ 103,353 |
|
$ 103,344 |
|
Financial income |
286 |
|
296 |
|
Financial expense |
(101,503) |
|
(100,067) |
|
Net exchange differences |
866 |
|
(180) |
|
Other financial income/(expense), net |
1,062 |
|
(1,660) |
|
Financial expense, net |
$ (99,289) |
|
$ (101,611) |
|
Share of profit/(loss) of associates carried under the
equity method |
1,823 |
|
1,407 |
|
Profit/(loss) before income tax |
$ 5,887 |
|
$ 3,140 |
|
Income tax |
(9,577) |
|
(4,650) |
|
Profit/(loss) for the period |
$ (3,690) |
|
$ (1,510) |
|
Loss/(profit) attributable to non-controlling
interests |
(5,267) |
|
(3,254) |
|
Profit/(loss) for the period attributable to
the Company |
$
(8,957) |
|
$ (4,764) |
|
Weighted average number of ordinary shares outstanding
(thousands) |
100,217 |
|
100,217 |
|
Basic and diluted earnings per share attributable to
Atlantica Yield plc (U.S. dollar per share) |
$
(0.09) |
|
$ (0.05) |
|
Consolidated Statement of Financial
Position(Amounts in thousands of U.S. dollars)
Assets |
As of March 31, 2019 |
|
As of December 31, 2018 |
Non-current assets |
|
|
|
|
Contracted concessional
assets |
$
8,389,508 |
|
$
8,549,181 |
|
Investments carried under the
equity method |
54,777 |
|
53,419 |
|
Financial investments |
65,386 |
|
52,670 |
|
Deferred tax assets |
152,205 |
|
136,066 |
Total
non-current assets |
$ 8,661,876 |
|
$ 8,791,336 |
Current
assets |
|
|
|
|
Inventories |
$
18,912 |
|
$
18,924 |
|
Clients and other
receivables |
241,412 |
|
236,395 |
|
Financial investments |
243,025 |
|
240,834 |
|
Cash and cash equivalents |
654,618 |
|
631,542 |
Total
current assets |
$ 1,157,967 |
|
$ 1,127,695 |
Total
assets |
$
9,819,843 |
|
$ 9,919,031 |
Equity and
liabilities |
|
|
|
|
Share capital |
$ 10,022 |
|
$ 10,022 |
|
Parent company reserves |
1,992,859 |
|
2,029,940 |
|
Other reserves |
71,040 |
|
95,011 |
|
Accumulated currency
translation differences |
(89,016) |
|
(68,315) |
|
Retained Earnings |
(456,549) |
|
(449,274) |
|
Non-controlling interest |
136,647 |
|
138,728 |
Total
equity |
$ 1,665,003 |
|
$ 1,756,112 |
Non-current liabilities |
|
|
|
|
Long-term corporate debt |
$
423,921 |
|
$
415,168 |
|
Long-term project debt |
4,769,119 |
|
4,826,659 |
|
Grants and other
liabilities |
1,653,323 |
|
1,658,126 |
|
Related parties |
28,434 |
|
33,675 |
|
Derivative liabilities |
305,138 |
|
279,152 |
|
Deferred tax liabilities |
227,261 |
|
211,000 |
Total
non-current liabilities |
$ 7,407,196 |
|
$ 7,423,780 |
Current
liabilities |
|
|
|
|
Short-term corporate debt |
273,624 |
|
268,905 |
|
Short-term project debt |
307,233 |
|
264,455 |
|
Trade payables and other
current liabilities |
151,463 |
|
192,033 |
|
Income and other tax
payables |
15,324 |
|
13,746 |
Total
current liabilities |
$ 747,644 |
|
$ 739,139 |
Total
equity and liabilities |
$ 9,819,843 |
|
$ 9,919,031 |
Consolidated Cash Flow
Statements(Amounts in thousands of U.S. dollars)
|
For the
three-month period ended March 31, |
|
|
|
2019 |
|
2018 |
|
Profit/(loss) for the period |
(3,690) |
|
(1,510) |
|
Financial expense and non-monetary
adjustments |
169,013 |
|
170,459 |
|
Profit for the period adjusted by financial
expense and non-monetary adjustments |
$ 165,323 |
|
$ 168,949 |
|
Variations in working capital |
(54,509) |
|
(11,654) |
|
Net interest and income tax paid |
(13,925) |
|
(26,760) |
|
Net cash provided by operating
activities |
$ 96,889 |
|
$ 130,535 |
|
Investment in contracted concessional
assets9 |
7,186 |
|
60,512 |
|
Other non-current assets/liabilities |
(26,985) |
|
(5,118) |
|
(Acquisitions)/Sales of subsidiaries and
other |
(2,457) |
|
(9,327) |
|
Investments in entities under the equity method |
- |
|
1,473 |
|
Net cash provided by/(used in) investing
activities |
$ (22,256) |
|
$ 47,540 |
|
|
|
|
|
|
Net cash provided by/(used in) financing
activities |
$ (44,654) |
|
$ (101,215) |
|
|
|
|
|
|
Net increase/(decrease) in cash and cash
equivalents |
$ 29,979 |
|
$ 76,860 |
|
Cash and cash equivalents at beginning of the
period |
631,542 |
|
669,387 |
|
Translation differences in cash or cash
equivalent |
(6,903) |
|
9,655 |
|
Cash & cash equivalents at end of the
period |
$ 654,618 |
|
$
755,902 |
|
Reconciliation of Further Adjusted EBITDA
including unconsolidated affiliates to Profit/(loss) for the period
attributable to the company
(in thousands of U.S. dollars) |
For the
three-month period ended March 31,
|
|
|
2019 |
|
2018 |
|
Profit/(loss) for the period attributable to
the Company |
$ (8,957) |
|
$ (4,764) |
|
Profit attributable to non-controlling interest |
5,267 |
|
3,254 |
|
Income tax |
9,577 |
|
4,650 |
|
Share of loss/(profit) of associates carried under the
equity method |
(1,823) |
|
(1,407) |
|
Financial expense, net |
99,289 |
|
101,611 |
|
Operating profit |
$ 103,353 |
|
$ 103,344 |
|
Depreciation, amortization, and impairment
charges |
75,736 |
|
74,624 |
|
|
|
|
|
|
Further Adjusted EBITDA |
$ 179,089 |
|
$ 177,968 |
|
Atlantica’s pro-rata share of EBITDA from
Unconsolidated Affiliates |
2,017 |
|
1,832 |
|
Further Adjusted EBITDA including
unconsolidated affiliates |
$ 181,106 |
|
$ 179,800 |
|
Reconciliation of Further Adjusted
EBITDA including unconsolidated affiliates
to net cash provided by operating
activities
(in thousands of U.S. dollars) |
For the
three-month period ended March 31,
|
|
|
2019 |
|
2018 |
|
Net cash provided by operating
activities |
$ 96,889 |
|
$ 130,535 |
|
Net interest and income tax paid |
13,925 |
|
26,760 |
|
Variations in working capital |
54,509 |
|
11,654 |
|
Other non-cash adjustments and other |
13,766 |
|
9,019 |
|
Further Adjusted EBITDA |
$ 179,089 |
|
$ 177,968 |
|
Atlantica’s pro-rata share of EBITDA from
unconsolidated affiliates |
2,017 |
|
1,832 |
|
Further Adjusted EBITDA including
unconsolidated affiliates |
$ 181,106 |
|
$
179,800 |
|
Reconciliation of Cash Available For
Distribution to Profit/(loss) for the period attributable to the
Company
(in thousands of U.S. dollars) |
For the
three-month period ended March 31, |
|
|
|
2019 |
|
2018 |
|
Profit/(loss) for the period attributable to
the Company |
$ (8,957) |
|
$
(4,764) |
|
Profit attributable to non-controlling interest |
5,267 |
|
3,254 |
|
Income tax |
9,577 |
|
4,650 |
|
Share of loss/(profit) of associates carried under the
equity method |
(1,823) |
|
(1,407) |
|
Financial expense, net |
99,289 |
|
101,611 |
|
Operating profit |
$ 103,353 |
|
$ 103,344 |
|
Depreciation, amortization, and impairment
charges |
75,736 |
|
74,624 |
|
Atlantica’s pro-rata share of EBITDA from
unconsolidated affiliates |
2,017 |
|
1,832 |
|
Further Adjusted EBITDA including
unconsolidated affiliates |
$ 181,106 |
|
$ 179,800 |
|
Atlantica’s pro-rata share of EBITDA from
unconsolidated affiliates |
(2,017) |
|
(1,832) |
|
Dividends from equity method investments |
- |
|
- |
|
Non-monetary items |
(14,632) |
|
(8,839) |
|
Interest and income tax paid |
(13,925) |
|
(26,760) |
|
Principal amortization of indebtedness |
(15,176) |
|
(17,647) |
|
Deposits into/ withdrawals from restricted
accounts |
24,935 |
|
(21,720) |
|
Change in non-restricted cash at project level |
(59,447) |
|
(68,031) |
|
Dividends paid to non-controlling interests |
- |
|
- |
|
Changes in other assets and liabilities |
(55,725) |
|
8,060 |
|
Cash Available For Distribution |
$ 45,119 |
|
$
43,031 |
|
About Atlantica
Atlantica Yield plc is a sustainable total
return infrastructure company that owns a diversified portfolio of
contracted renewable energy, efficient natural gas, electric
transmission and water assets in North & South America, and
certain markets in EMEA (www.atlanticayield.com).
Chief Financial Officer Francisco Martinez-Davis
E ir@atlanticayield.com |
Investor Relations & Communication Leire Perez
E ir@atlanticayield.com
T +44 20 3499 0465 |
1 Further Adjusted EBITDA including
unconsolidated affiliates includes our share in EBITDA of
unconsolidated affiliates (see reconciliation on page 16).
2 Further Adjusted EBITDA including
unconsolidated affiliates includes our share in EBITDA of
unconsolidated affiliates (see reconciliation on page 16).
3
Represents total installed capacity in assets owned at the end of
the period, regardless of our percentage of ownership in each of
the assets.
4
Includes curtailment production in wind assets for which we receive
compensation.
5
Electric availability refers to operational MW over contracted MW
with PEMEX. Major maintenance overhaul held in Q1 2019, as
scheduled, which reduced the production and electric availability
as per the contract.
6
Availability refers to actual availability divided by contracted
availability.
7
Net corporate leverage calculated as corporate net debt divided by
midpoint 2019 CAFD guidance before corporate debt service.
8
Calculated as the difference between the annual coupon of the
previous 2019 Notes ($17.9 M) and the expected interest cost of the
new Note Issuance Facility hedging of 4.5% for three years and
assuming current €/$ FX rate.
9 Investments in contracted concessional assets
includes proceeds of $60.8 million and $7.4 million received by
Solana from Abengoa in relation to the consent with the DOE for the
three-month period ended March 31, 2018 and 2019, respectively.
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